Started to go wrong in my opinion when Fine Sounds acquired ARC, along with McIntosh and Sonus faber. In a familiar story, they appeared to trash the brand. They thought, for instance, they could improve the classic ARC silver/black fascia with a different look, but seconds of examination showed the expensive structural aluminium slabs were gone. Then there were the shrinking mains transformers and the prices etc etc. Fine Sounds changed their name to McIntosh group and sold ARC to its former sales director, who tried to put it back on track, I think.
There must still be value in the brand so who knows where it will go from here.
I recently acquired a Ref3 Phono which is simply lovely. The pre-amps are must-haves in my view and long-term reliable - my SP8 still has its original valves, the sp11 has had a precautionary service and the 40th Ann has not missed a beat. The power amps can be big and down right scary… but the sweet spot seems to be the hundred watters and some that are smaller.
I’ve no experience of the CD players, but some liked them very much. Bill Johnson’s circuit designs were fascinating and almost a hobby in themselves.